selected branch: Elgin & Inverness
The housing market in Inverness offers a range of options to suit different needs and budgets, making it an appealing destination for those looking to relocate. In recent years, the market has experienced steady growth, driven by factors such as increased demand, improved infrastructure, and the area’s rising popularity.
The availability of diverse housing types, including apartments, townhouses, and detached houses, ensures there is something to suit every house-hunter.
While property prices have been on the rise, they remain relatively affordable compared to other parts of the UK, providing good value for prospective buyers. According to recent estimates from Zoopla, the average sold property price in Inverness over the past 12 months (as at October 2023) is £225,404. On average, property prices have risen 4% on the previous year.
Average prices for specific property types are as follows (as at October 2023):
| Detached: £296,138 | Terraced: £162,945 |
| Semi Detached: £201,433 | Flat/Apartment: £134,668 |
Property prices vary across Inverness’ different areas, with some suburbs and villages fetching much higher prices than others. Below is a list of some of the most popular areas within Inverness and their average sold prices in 2021.
| Ballifeary | £195,966 |
| Balloch | £266,461 |
| Clachnaharry | £173,000 |
| Culduthel | £238,659 |
| Culloden | £166,422 |
| Crown | £199,697 |
| Holm | £256,958 |
| Leachkin | £420,000 |
| Milton of Leys | £321,162 |
| Smithton | £159,574 |
| Westhill | £232,256 |
Like much of the country, Inverness has seen property prices increase steadily over recent years. Demand for property in the area far outweighs the supply of property, particularly post-pandemic when more people began to work from home and subsequently saw a change in their property demands.
The area has benefitted from a boost in local economy over recent years, and this trend is set to continue. This is partly in thanks to a boom in tourism – prior to covid, international tourism within the area had been incredibly strong for many years, and local tourism has been on the rise since the pandemic. Inverness and the wider highland region is slowly seeing significant growth and there has been a high amount of investment and house building programmes within the region – all of which bode well for the property market.
Of course, market conditions are never guaranteed and fluctuations can happen. Overall though, the future of Inverness’ property market looks strong. With its captivating surroundings, thriving economy and tourism sector, and range of modern amenities – Inverness will likely continue to present an appealing opportunity for homebuyers and investors alike.
Inverness is considered as a bit of an economic powerhouse, and a fast growing one at that. As a result, it’s an area that investors shouldn’t ignore. With the fastest growing population in Scotland (which has seen a 15% rise since 2001), the area has a high demand for housing and as a result, solid rental yields can be expected. In addition to this, Inverness is a university city and there is some demand for private student landlords.
To find out more about buy-to-let in Inverness, contact one of our knowledgeable mortgage advisors today.
With housing prices steadily increasing, getting on the property ladder can seem like an overwhelming task. That being said, with the right help and guidance, it doesn’t have to be a painstaking process.
Whether you need advice on the best places to live in Inverness or you’re a first-time buyer looking for general mortgage advice, we’re here to help.
Offering award-winning services and 100% free mortgage advice, there’s a reason we’re the UK’s top-rated mortgage broker on Trustpilot.
If you need advice for first-time buying in Elgin or Inverness – or if you’re looking for a reliable mortgage broker in the Highlands – don’t hesitate to contact us today.
We’re experts on all things mortgage-related (and our services are always 100% free).
October 13, 2016
October 13, 2016
